The largest cryptocurrencies declined on Monday on profit-booking in digital tokens. With the exception of Shiba Inu and Solana, seven of the top 10 cryptocurrencies were trading lower at 9.30 am. Shiba Inu increased by 12%, while Solana increased by 5%. Ethereum decreased by 4%.
The global crypto market cap fell by a few percentage points, falling below the $2.59 trillion mark the previous day. However, the total crypto market volume fell more than 10% to $131.44 billion.
Ether, the second-largest cryptocurrency, reached a record high of $4,400 on Friday on bullish sentiment around the most-used blockchain network. However, it left some benefits over the weekend.
“Tokens related to NFT gaming and Metaverse have shown strong buying momentum over the past week. We can expect them to be a bit stronger before the next wave begins,” said Hamish Malviya, founder of Itsblockchain.com.
He added that since the announcement of Facebook’s re-branding, NFT assets related to Metavers have also shown an increase in sales volume.
The CoinDCX research team said that since the first trading of November, US stock futures traded slightly higher overnight as all Asia-Pacific stocks opened higher for Monday morning trading.
“As investors prepare for a difficult week, we can anticipate that BTC and other high-profile cryptocurrencies will likely grow in response to impending setbacks.”
Meanwhile, CREBACO data shows that Indian cryptocurrency investment has increased from $923 million to more than $10 billion in April 2020, as crypto markets continue to reach new heights.
Techview via Proassetz Exchange
After making a shy new life of just $67,000 on October 20, the bitcoin is stabilizing to a certain extent, but with a slight bias downwards over the past few sessions. Trends are definitely on long time frames but we also note lower top formation on short time frames like 4-hour charts.
However, short-term weakness is expected to offset long-term growth in the near future. The first evidence of a resurgence of the uptrend will be when prices move above $ 62,550, which is currently the first resistance. Once this resistance is broken, 67,000 bitcoins become the next possible target after, 64,900.
On the downside, BTC has support at $ 59,700 and $ 58,590. There is also a 21- and 50-bar average golden crossover on the 4-hour chart. But this bullish signal will only be confirmed when prices successfully cross the $ 62,550 level.
(The comments and recommendations in this section are the analysts’ own and do not represent ETMarkets.com. Please consult your financial advisor before taking any position on any of the assets mentioned.
Shiba Inu coin catches on the digital market
On the other hand, Top exchanges told ET that, unlike earlier, when Indians would only start buying when global rallies were coming to an end, many continued buying the cryptocurrency all through September and October. Meme coins are typically inspired by jokes on social media as was the case with Dogecoin. Now Shiba Inu has become one of the most popular crypto assets globally.
“Meme coins and altcoins could gain investors’ interest if they continue to deliver handsome returns,” said Jay Hao, CEO, OKEx.com, a cryptocurrency exchange.
8th Largest Cryptocurrency
At the same time, users should be very careful while investing in such cryptos and not put all their eggs in one basket and always diversify their portfolio across multiple crypto assets,” he said. “Shiba Inu, owing to the recent rally, has become the eighth-largest crypto in the world by market cap. At OKEx, we have seen a 5x increase in Shiba Inu trading since the beginning of the price surge.”
Top exchanges said that Indians continued to buy Shiba Inu on Friday.
Data from the exchanges indicate that most of the investors who made money, like Kumar, haven’t liquidated their investments but are putting in more money, hoping for further highs.
“I am going to hold the positions long term,” said Kumar, who did not tell ET the total value of his “risk portfolio” after the jump in the meme coin.
In his tweet, Snowden calls Shiba Inu “a CLONE of dog money,” referring to its rival dog-based cryptocurrency Dogecoin. He tries to explain to his followers that through the hype, existing Shiba Inu owners might be looking to sell their own stake at high profits. After which the coin might lose its value. He warns investors to think carefully before they exchange their hard-earned savings for Shiba Inu “because a meme said you’d get rich.”